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In: Finance

You want to borrow $60,000 for a new tricked-out Hummer H2 for your high school basketball...

You want to borrow $60,000 for a new tricked-out Hummer H2 for your high school basketball star son.  If you can somehow qualify for an outrageously low interest rate of 4.5%, compounded monthly for a six-year (60 month) loan, what amount will your monthly payment be?

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Expert Solution

YOU HAVE WRITTEN 6 YEAR (60 MONTH) LOAN. I HAVE TAKEN IT AS 60 MONTH LOAN

IF IT IS 6 YEAR LOAN = 72 MONTHS, LET ME KNOW, WILL CALCULATE ACCORDINGLY

jeff jeffy answered 4 months ago
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